didnt think they would do it so quickly but they still owe him millions, because they didn't include a standard "failure to perform" clause in his contract.

Aaron Hernandez
DROPPED BY PATRIOTS
'It's the Right Thing To Do'

The New England Patriots have DROPPED tight end Aaron Hernandez in the wake of the NFL star's arrest early Wednesday morning ... and the team says the move was the "right thing to do."

23-year-old Hernandez was a rising star with the Patriots and signed a 5-year contract worth $40 MILLION just last summer.

The Patriots just released a statement saying, "A young man was murdered last week and we extend our sympathies to the family and friends who mourn his loss. Words cannot express the disappointment we feel knowing that one of our players was arrested as a result of this investigation."

"We realize that law enforcement investigations into this matter are ongoing. We support their efforts and respect the process. At this time, we believe this transaction is simply the right thing to do.”

Officials have not announced what Hernandez has been charged with so far ... but the charges will be revealed when Hernandez appears in court for his arraignment later today.

The Patriots are scrubbing any trace of Hernandez from the organization -- removing all A.H. merchandise from the team store ... and erasing him from the official roster on the team website.

Report: Hernandez now focus of an additional murder investigation from 2012

Safiro Furtado and Daniel Abreu were sitting in a car at a traffic light in downtown Boston on July 16, 2012 when they were murdered shortly after leaving a nearby bar. To date, the double-homicide has gone unsolved, but investigators are now looking into a new potential suspect: Former New England Patriots tight end Aaron Hernandez.

According to a report from FOX 25 in Boston who talked to an unnamed source, investigators are currently looking at Hernandez in connection to the killing of Furtado and Abreu.

The news comes approximately 24 hours after Hernandez was arrested and charged with first-degree murder and five weapons charges in connection with the death of semi-professional football player Odin Lloyd.

According to the FOX 25 report, Furtado and Abreu were riding in the front seat of a vehicle at the intersection of Shawmut Avenue and Herald Street when the occupants of a nearby SUV with Rhode Island tags opened fire. Furtado and Abreu were both killed, while a third passenger who was in the back seat survived.